3/21/2015

Headline Mar 22, 2015/ ''' HEY HONG KONG! : MYCOIN !AHA! BITCOIN '''

''' HEY HONG KONG! :

MYCOIN !AHA! BITCOIN '''

HONG KONG -has just about so recently issued many a warning about Bitcoin. Whats up?

But before I get there, just allow me one honour to acquaint you all with, Professor Daniel R. Fischel.

''Professor Fischel, Sir, Great morning to you!.''

''Sir, -Colleges advised to keep oil stocks? And you said that the squeezed budgets could sway divestment discussions, as shrinking endowments, could mean-

Decreased money for scholarships for disadvantaged students, which one might consider a worthy moral goal as well.''

''Great work, on that study, Sir!, In total context couldn't agree with you more. Be assured that !WOW! will delight in explaining this to the students, the world over.''

Hong Kong's central bank has warned against investing in virtual currencies , amid local media reports that a Bitcoin may have run off-

With $387 million in client funds in what could be the biggest Bitcoin scandal after last year's bankruptcy at the Mt. Gox exchange, based in Tokyo.

The South China Morning Post reported that clients of the MyCoin exchange, based in Hong Kong, had approached a local lawmaker, saying the company-

**Had absconded with their money**.

An assistant for Legislative Council member Leung Yiu-chung said that Mr. Leung had received more than 15 complaints from MyCoin clients regarding the allegations-

And that those would be passed on to the police right away.

The Hong Kong Monetary Authority said in a statement that the case ''may involve fraud or pyramid schemes,'' adding :

''Given the highly speculative nature of Bitcoin, we have all along urged the public to exercise extra caution when considering making transactions or investments with Bitcoin.''

Calls to MyCoin in Hong Kong could not be connected. Calls to the company's China customer service line were not answered.

Bitcoins are created through a ''mining'' process in which a computer's resources are used to perform millions of calculations.

Advocates say the virtual currency is revolutionary because it is not controlled by a central bank and has potential as an alternative means of online payment.

But the rise of Bitcoin, which is unregulated in many places- Including Hong Kong- has stoked concerns that it can be used to launder money and finance extremist groups.

Mt.Gox once the world's largest Bitcoin exchange, filed for bankruptcy a year ago after it claimed to have lost about $500 million worth of customer Bitcoins in a hacking attack.

On its website, MyCoin says it is a ''leading global Bitcoin trading platform and application service provider,'' with a research and development team based in China.

MyCoin promised clients a return of one million Hong Kong dollars, or $128, 976 over a four-month period based on 400,000 dollar investment that would produce 90 bitcoins on maturity, the South China Morning Post reported.

The report added that MyCoin claimed to have 3,000 customers, each investing an average of one million dollars.

The price of Bitcoin has slumped from a late-2013 high of more than $1,000 to about $220, according to CoinDesk price index.

With respectful dedication to the Students, Professors and Teachers of Hong Kong. See Ya all on !WOW! -the World Students Society Computers-Internet-Wireless: